Word: laval
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Only one man did these things and at the height of his sudden greatness wagged an explanatory finger at President Hoover (see front cover).* The keynote of 1931 was sounded by Man-of-the-Year Pierre Laval as he sailed for Washington: "A severe correctional and disciplinary period is indicated...
Even before the B. I. S. conference met last week, Premier Laval in Paris had bluntly stated the French position: France would never allow Germany's private debts to come ahead of Reparations. Revision of Reparations could only be accompanied by a corresponding reduction in War debts (TIME, Dec. 7). Faced with Dr. Melchior's gloomy figures in Basle, French Delegate Charles Rist did his best to defend the Laval position by stating that, even if the Melchior figures were correct, they merely proved that business in Germany was so uncertain that now was no time to decide on Germany...
...success of "Mexico" is symbolic of another important change, the development of a more international point of view among the rank and file. The significance of the Hoover-Laval and Hoover-Grandi conversations, which would not have occurred but for the depression, has sunk deeply into the American mind. The posibility that Canada may desert the gold standard, brings home as nothing else could the interdependence of nations...
...Thus M. Laval, a typical petit bourgeois, nailed his political flag to a popular French policy perhaps impossible of realization. Already the British Conservative Party (an overwhelming majority in Parliament) has served notice that German private debts must have priority over Reparations-in flat contradiction of M. Laval (TIME, Nov. 23). Already the propaganda guns of U. S. and British private lenders to Germany were blazing away last week with the statement in various forms that an attempt to give Reparations priority would destroy the whole fabric of German private credit, bankrupt the Fatherland and defeat its own purpose...
...world issue of Reparations v. private debts will be thrashed out by committees of bankers soon to meet at Basle and Berlin (TIME, Nov. 30) and ultimately no doubt by a conference of statesmen. Meanwhile, with Aristide Briand, "The Master Parliamentarian of Europe," biding his time, Pierre Laval enjoyed his triumph and explained to the cheering Chamber his more subtle achievements while visiting President Hoover...